FAC Explorer

Audit 42313

FY End
2022-06-30
Total Expended
$1.10M
Findings
4
Programs
1
Organization: Kilgore Complex, Inc. 064-Hd052 (LA)
Year: 2022 Accepted: 2022-11-14
Auditor: Tidwell Group LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
49765 2022-001 Significant Deficiency - N
49766 2022-001 Significant Deficiency - N
626207 2022-001 Significant Deficiency - N
626208 2022-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
14.181 Supportive Housing for Persons with Disabilities $70,094 Yes 1

Contacts

Name Title Type
XJ8NNLD23GJ7 Tom Farris Auditee
3182278693 Xiaohui Jiang Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE 1 - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grantactivity of Kilgore Complex, Inc., HUD Project No. 064-HD052, under programs of thefederal government for the year ended June 30, 2022. The information in this schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations(CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the schedule presents only aselected portion of the operations of Kilgore Complex, Inc., it is not intended to and does notpresent the financial position, changes in net assets (deficit), or cash flows of KilgoreComplex, Inc.NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations and the cost principles contained in UniformGuidance. De Minimis Rate Used: N Rate Explanation: Kilgore Complex, Inc. has elected not to use the 10 percent de minimus indirect cost rate asallowed under the Uniform Guidance. Kilgore Complex, Inc. received a capital advance under the US. Department of Housing andUrban Developments Section 811 Supportive Housing for Persons with Disabilitiesprogram. The capital advance is treated as a loan program for reporting federal expenditures.The capital advance outstanding at the beginning of the year is included in the federalexpenditures presented in the Schedule of Expenditures of Federal Awards. KilgoreComplex, Inc. received no additional advances and made no payments during the year endedJune 30, 2022. The balance of the capital advance outstanding at June 30, 2022 was$1,031,600.

Finding Details

Finding 2022-001
Statement of Condition During the year ended June 30, 2022, the project failed to make required monthly deposits to the replacement reserve in the amount of $1,000. Criteria The regulatory agreement requires that the project make monthly deposits to its replacement reserve in the amount of $1,000. Cause Insufficient cash flow caused the replacement reserve to be underfunded. Questioned Costs $1,000 Effect Failure to make monthly payments resulted in underfunding the replacement reserve and a violation of the regulatory agreement. Auditor Noncompliance Code N- Reserve for replacements deposits Recommendations Management should ensure all monthly required deposits to the replacement reserve are made in a timely manner. Views of Responsible Officials Management agrees with the finding. As disclosed in Note 12, the Trustees are working on replacing the current Board Members of the Corporation.
Finding 2022-001
Statement of Condition During the year ended June 30, 2022, the project failed to make required monthly deposits to the replacement reserve in the amount of $1,000. Criteria The regulatory agreement requires that the project make monthly deposits to its replacement reserve in the amount of $1,000. Cause Insufficient cash flow caused the replacement reserve to be underfunded. Questioned Costs $1,000 Effect Failure to make monthly payments resulted in underfunding the replacement reserve and a violation of the regulatory agreement. Auditor Noncompliance Code N- Reserve for replacements deposits Recommendations Management should ensure all monthly required deposits to the replacement reserve are made in a timely manner. Views of Responsible Officials Management agrees with the finding. As disclosed in Note 12, the Trustees are working on replacing the current Board Members of the Corporation.
Finding 2022-001
Statement of Condition During the year ended June 30, 2022, the project failed to make required monthly deposits to the replacement reserve in the amount of $1,000. Criteria The regulatory agreement requires that the project make monthly deposits to its replacement reserve in the amount of $1,000. Cause Insufficient cash flow caused the replacement reserve to be underfunded. Questioned Costs $1,000 Effect Failure to make monthly payments resulted in underfunding the replacement reserve and a violation of the regulatory agreement. Auditor Noncompliance Code N- Reserve for replacements deposits Recommendations Management should ensure all monthly required deposits to the replacement reserve are made in a timely manner. Views of Responsible Officials Management agrees with the finding. As disclosed in Note 12, the Trustees are working on replacing the current Board Members of the Corporation.
Finding 2022-001
Statement of Condition During the year ended June 30, 2022, the project failed to make required monthly deposits to the replacement reserve in the amount of $1,000. Criteria The regulatory agreement requires that the project make monthly deposits to its replacement reserve in the amount of $1,000. Cause Insufficient cash flow caused the replacement reserve to be underfunded. Questioned Costs $1,000 Effect Failure to make monthly payments resulted in underfunding the replacement reserve and a violation of the regulatory agreement. Auditor Noncompliance Code N- Reserve for replacements deposits Recommendations Management should ensure all monthly required deposits to the replacement reserve are made in a timely manner. Views of Responsible Officials Management agrees with the finding. As disclosed in Note 12, the Trustees are working on replacing the current Board Members of the Corporation.